Whilst owning your own vacation home in Orlando is very rewarding, it is impertinent to remember that this is a highly competitive business. No doubt about it, some owners have been incredibly successful and have gone on to purchase several more properties in the Central Florida area close to Disney but there are reasons WHY they have been so successful.
The No.1 Reason For A Successful Vacation Rental – LOCATION
Location, that’s the number 1 reason. It never changes in real estate. You don’t always have to afford the biggest and most expensive home in the community, however without a shadow of a doubt, a brand new home with all the bells and whistles, in a resort community with outstanding amenities for all ages, makes it far easier to rent – and in time, to resell.
I often tell my buyers to “put on their investment cap” when thinking about what type of home they should buy. If you plan to use the home yourself for your family vacations and holidays regularly, or from time to time, then yes of course it has to have features that you enjoy too. But don’t get stuck on just that. You have to think about where the local trends are heading and for the last few years, it has been proven that the glamorous new vacation resort communities are the way to go. This is what both buyers and renters are demanding.
A lot of these communities have their own clubhouses with water parks, gyms, restaurants, bars, movie theaters, golf courses, play areas, pool side dining and complimentary buses to the local theme parks. In order to compete with Disney hotels, these resorts have had to remain competitive. It’s what guests today expect for their money.
Make your home feel modern and luxurious
Let’s face it, a trip to Orlando with the whole family is not cheap is it? For many families, it is their one and only trip of a lifetime to visit “The Mouse” and they want it to feel that way too.
The number one complaint I hear from buyers who walk into resales is outdated features. Old kitchens, worn out carpets, 20 year old floral furnishings. It just doesn’t ‘feel’ luxury. It feels like a major letdown as they walk through the door. I often feel it alongside them.
If you are unable to contract an interior designer, then there are many ways you can make your home feel luxurious or even fun. Disney themed bedrooms for the kids are always a big hit. Right now, I’m noticing a lot of Star Wars themed rooms in homes and also Marvel’s Avengers. Of course, you can’t beat Frozen characters, Disney Princesses or even the good old faithful, Mickey Mouse. All of these things can be incorporated into the home fairly inexpensively by way of wall art, comforters, window dressings etc…. but it’s surprising just how attractive and alluring they are to Disney vacationers who are browsing homes just like yours, on the web.
Don’t occupy your home during peak periods!
This is a major mistake. I know you might want to spend two weeks at Christmas in Orlando with the family, but if income is of paramount importance, you might want to think twice about that. Christmas is one of the few peak seasons of the year where you are going to make the most amount of money. Vacation rentals are so thin on the ground from November through February, that you’re likely to have a fairly booked calendar. Remind yourself why you bought this property. To make money right? And enjoy it at the same time? Ok, so let it make the money and enjoy the home during the low season when occupancies tend to fall off a bit.
If you find yourself with gaps in your calendar, be proactive! This is your business. Working hand in hand with your management company, you can help to fill in the gaps yourself by doing your own advertising on places like Airbnb, Homeaway, VRBO, VacationRentals.com, Booking.com, Expedia.com, American Express, Sam’s Club rewards members, and so many more travel websites that are out there for you to make use of.
Don’t go cheap when it comes to photos of your home!
If you don’t have a top quality camera, then I suggest you get in a professional photographer to take your pictures. That’s what local management companies do, because they know it is an automatic game changer!
Getting professional photos and videos will pay for itself many many times over. Like the old saying says “you only have one chance to make a first impression” and that is so true of vacation rental properties. Tourists, renters and vacationers are scouring the web right now looking through photo after photo of the homes they like the best. Your home very well could be among the best, but if your pictures are dull or out of focus, chances are they will move on to the next. You want your home to look light, bright, spacious, luxurious and vibrant! It needs to shout “rent ME”…. and professional photos will help you to achieve just that.
Choose the RIGHT property management company
I cannot say this enough to new home buyers. It is so important to screen management companies and find the right fit. You need to ask them things about their current occupancy levels for similar properties, what are their advertising strategies during off peak periods to guarantee some rentals for you, will they work with you if you bring your own bookings to fill in gaps (and if so, will they reduce their commission on that and just charge a nominal fee instead?), Check out Google reviews and Tripadvisor to see what guests are saying. You will always get a few complaints, you can’t please everybody, but are there TOO many complaints? If so, you might want to avoid that one.
I can help you by providing you with a list of local, reputable management companies in the area and if you like, I can come and visit them with you and provide you with the questions you SHOULD be asking!
For further information, please contact Susan Benante on (+1) 407-259-6211 or email me at susanbenanterealtor(at)gmail(dotted)com